里昂列出2026年六大首选股，包括腾讯控股(00700)、小米集团-W(01810)、阿里巴巴-W(09988)、网易- S(09899) 、快手-W(01024) 及京东健康(09618) ，并特别指出看好阿里巴巴的云业务、腾讯的AI应用， 以及小米的消费级AI设备。 里昂发布研报称，中国互联网行业在2025年表现强劲，随着DeepSeek引领国内AI趋势，预计2026年涨 势将延续，尤其在代理AI和生成式视频应用的竞争将加剧。中国与美国将在全球范围内的AI模型、应 用、云服务及自动驾驶(Robotaxi)领域展开正面竞争。 尽管面临地缘政治挑战，中国游戏和电商在海外市场持续快速增长，但该行对国内电商板块的前景持谨 慎态度。在投资策略上，里昂偏好AI、游戏及健康相关板块，预测行业收入及调整后EBIT将分别同比 增长12%及29%，并认为中国有望在全球引领AI应用落地。 估值方面，该行指出板块当前2026年预测调整后市盈率为16.1倍(2027年为13.7倍)，较美国同业存在约 40%的折让，估值仍具吸引力。 ...

中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk Kling AI 持续快速迭代 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 快手 本文内容由 Kylie Kwok (郭凯欣) 提供 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Kling AI continues rapid iterations》的报告，分析预计快手在 2025 年四季度总营收及调整后净利润将分别实现增长，Kling AI 收入可能 继续超预期增长。Kling APP 通过新型社交玩法 Control Motion 获得用户青睐，并升级了 Kling 2.6 Turbo 的视频与音 频整合生成功能。Kling 在成本效率方面的显著优势，其作为前三强生成式视频平台的行业地位，用户与收入增长势 头有望持续 ...

Core Insights - Higgsfield Cinema Studio (HCS) has introduced a significant update that allows users to create high-quality cinematic visuals using advanced AI technology, effectively democratizing film production [1][7] - The platform offers a library of top-tier cameras and lenses, enabling users to produce IMAX-quality visuals at a fraction of the traditional cost, with some creations costing less than one dollar [5][17] - HCS has rapidly gained popularity, amassing over 15 million users and doubling its annual revenue to $200 million within two months [11] Group 1: Technological Advancements - HCS has transformed the filmmaking process by digitizing and modularizing the knowledge of camera and lens combinations, making it accessible to non-professionals [11][12] - The platform allows users to select from a variety of renowned cameras and lenses, including ARRI Alexa 35 and Red V-Raptor, and customize settings like focal length and aperture [12][17] - HCS employs a new control engine that incorporates complex camera movements and cinematic techniques, enabling users to create dynamic visuals without the need for extensive equipment [20][25] Group 2: Market Impact - The introduction of HCS represents a shift in the film industry, challenging traditional barriers and prompting a reevaluation of creative value as technology becomes more accessible [30][33] - HCS's approach has led to the creation of innovative content, such as a viral "space western" trailer that garnered over 120,000 views on YouTube, showcasing the potential of low-cost filmmaking [31] - The platform's focus on film grammar rather than hyper-realistic visuals indicates a new direction for generative video, emphasizing storytelling over mere visual fidelity [35][37]

Core Insights - The article focuses on fal.ai, a generative media infrastructure company that leverages a unified, low-latency API and cloud inference platform to enable high-performance access to multimodal generative models for developers and enterprises [4][8]. Group 1: Company Overview - fal.ai was established in 2021 and has rapidly positioned itself in the generative media space, particularly focusing on video generation, which is expected to have a market size comparable to that of large language models (LLMs) [11][13]. - The company has experienced significant growth, with a revenue increase of 60 times over the past 12 months as of July 2025, and a valuation of $4.5 billion following a $140 million Series D funding round [6][10]. Group 2: Technical Insights - The computational requirements for generating media are substantial; for instance, generating a high-quality image requires approximately 100 times the computational power needed for processing a single prompt in an LLM, and generating a 5-second video at 24fps requires 10,000 times that power [5][18]. - fal.ai has developed a unique tracing compiler that optimizes performance by identifying common execution patterns in video generation, allowing for significant efficiency improvements over traditional frameworks [21][19]. Group 3: Cost Management - fal.ai manages a distributed computing infrastructure across approximately 35 data centers, allowing for efficient resource allocation and cost management, which is crucial given the high computational demands of video generation [24][30]. - The company benefits from a cost advantage by utilizing Neo-clouds, which can offer GPU resources at prices significantly lower than traditional hyperscalers, sometimes up to 2-3 times cheaper [30][28]. Group 4: Market Positioning - fal.ai serves as a single hub connecting developers with multiple model suppliers, running over 600 generative media models, which mitigates the risk of dependency on any single model [31][33]. - The company has established partnerships with leading model providers like DeepMind and OpenAI, enhancing its position as a preferred distribution platform for new models [39][43]. Group 5: User Engagement and Use Cases - Users on fal.ai's platform typically engage with an average of 14 different models simultaneously, reflecting a modular approach to media production that allows for greater control and flexibility [44][45]. - The education sector is highlighted as a significant opportunity, with innovative applications like Adaptive Security that generate personalized training videos on-the-fly, showcasing the potential for dynamic content generation [48][50]. Group 6: Future Predictions - The article predicts that within a year, fully AI-generated short films will emerge, with animation styles likely to see faster adoption than photorealistic styles due to lower production costs [62][63]. - fal.ai emphasizes the need for advancements in model architecture to overcome current limitations in inference efficiency, particularly for achieving real-time 4K video generation [58][59].